Sharechat raises $16Mn in extended debt round. Also laid off 5% workforce.

How does Sharechat still work financially as an investment? FY24 estimated revenue is 750 cr, FY23 around 500cr.
FY23 losses were around 4K Cr. Server costs itself were 1k Cr in FY23. Negative grosss margins as a social network after 10 yrs being started

I don't understand how are they still able to raise money? Internet penetration has plateaued in India. Jio revolution is 5-6 yrs old now, UPI has made online spending easy. Moj did not replace TikTok. What else is there in the India story to convince investors for a turn around of Sharechat? I don't a see potential for an IPO. Best case is acquisition, maybe by Snapchat or even by Adani or Jio

Seems more like extension of $49m +$14m which means $65m quite a lot of money. I have heard they are nearing profitability in few months and might not actually need money. Layoff of 5% is small and small raise all directing towards signs of self sustainability

I hope this gets listed over next few years as it is super unique company created once in a generation and a true sign of Indian vc ecosystem arriving

High Time we blacklist such companies. Nothing good here. Don't even care about their losses and profitability at all now.
The founder should have crazy guts to fire people again and again even after raising funds that too even after being in market so so many years. Chances are there must be some scam also goin on theres. 5 percent employee salary would be be nothing in comparison to their losses. There should be some rules mandating the boss and senior management to reveal their salary, stocks, perks before laying of any single employee so that all can have good picture.
Many startups, specially Indian one's have taken up things for granted, making layoff as a fashion.

Porn always the craze in India

I am sorry but this is so bad that it's funny. How much of an ass the CEO has to be to raise funding and fire employees. Any good engineer should call bullshit and move on.